PBOC’s Rise to Top a Story of Deft Politics Amid Turmoil
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March 7 (Bloomberg) -- As of November 2012, the People’sBank of China had total assets of $4.8 trillion, more than theEuropean Central Bank or the Federal Reserve. The PBOC nowsupplies more than half the world’s total liquidity and managesforeign reserves worth almost $3.3 trillion.
Increasingly, the PBOC has become an international lenderof last resort, particularly as European politicians try topersuade the Chinese to buy their bonds. No wonder that ZhouXiaochuan, the bank’s governor, has been dubbed “the world’scentral banker,” a man whose statements can move global markets.